Reliance Capital has sold 10.75 percent in Reliance Nippon Life Asset Management (RNAM) for over Rs 1,450 crore and has achieved the minimum public shareholding of 25 percent in RNAM by reducing the promoter stake.
The entire RNAM stake monetisation proceeds of Rs 6,000 crore, to be received from the offer for sale and the already announced transaction with Nippon Life Insurance Company of Japan, will be utilised to reduce Reliance Capital's outstanding debt.
Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies. It has interests in asset management and mutual funds; life, health and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.
